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Lowe's: Victim of Reaction


It's not the news itself causing trouble.


Greetings from New York where I've got that "Wasn't there supposed to be a weekend in there, someplace?" feeling that you get when you don't get home from a trip until late on a Sunday night. Here's what I'm watching as I get my feet under me:

  • Electronic Arts (ERTS) extends its bid for Take-Two (TTWO) but doesn't raise the offer a penny. I'm still long my Activision (ATVI) but, as mentioned here and on-air before, it feels like we're getting late in the video game cycle.

  • I did some shopping on the fabled Michigan Avenue while in Chicago over the weekend. It's dangerous to infer too much from one off visits but I was struck by two thoughts: It's "slow" but not "dead" in the stores. Take it from a guy who used to sell shoes at Macy's (M) - there is a HUGE difference between some traffic and no traffic at all.

  • My second thought is that one of the bigger myths in retaildom is that Nike (NKE) is a merchant. Honestly, NikeTowns are some of the worst stores in terms of layout, customer service and flow (pretty much everything that matters to a retail experience on the front-end) I've ever shopped. Apple (AAPL) is a company doing showcase retail well. No one else does or really ever has.

  • It's starting to become concerning that the market can't break away from the 200 dma. Not critical, just troubling.

  • Have we mentioned "it's not the news but the reaction" lately? Check out Lowe's (LOW) getting pounded on a widely expected miss.

  • Yup, I'm still long Wal-Mart (WMT). I don't want anyone other stock in retail (except maybe Costco (COST)).

  • There's nothing better for the "Married With Kids" set then a weekend far away. I missed Superfly and Lou like nobody's business but, wow, it was good to spend some time with Mrs. Jeffmacke when we knew there wasn't a 7 am (at best) wake-up call the next day.

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